Cal Dive International says that it did not pay a $2.2 million interest payment due yesterday as the company continues to work with their lenders to address serious debt and capital structure issues that face the company.

Cal Dive says a 30-day grace period exists on the interest payment for their 5.00% convertible senior notes due in 2017, but should the company fail to make the payment by mid-February, “the Trustee or the requisite holders of the Notes could declare the aggregate principal amount of the Notes, plus all unpaid interest and any other amounts due and owing on the Notes, immediately due and payable,” according to Cal Dive.

The company’s shares have fallen 50 percent so far today on the news.

In the first three quarters of last year, the company suffered losses of almost $100 million on revenues of $355 million. These losses were attributable to delays on projects in Mexico as well as interruptions due to loop currents, adverse September weather and a customer delay. Cal Dive’s 4th quarter 2014 earnings report has not yet been released.

In an effort to protect itself, Cal Dive is evaluating seeking Ch. 11 bankruptcy protection as a “potentially less satisfactory measure” if an agreement with lenders cannot be reached in a timely manner.

Do you work at Cal Dive? Feel free to comment in the Forum discussion HERE.